How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask ScottyMacEsq Your Own Question
ScottyMacEsq
ScottyMacEsq, Attorney
Category: Legal
Satisfied Customers: 16188
Experience:  Licensed Texas General Practice Attorney
19487448
Type Your Legal Question Here...
ScottyMacEsq is online now
A new question is answered every 9 seconds

We are 75 years old. Only income is soc sec. savings are

Customer Question

We are 75 years old. Only income is soc sec. savings are depleted. House is in desperate need of repair. Two mortgages both behind. Should we let it go to foreclosure? We don't know what to do. Please help!
Submitted: 6 months ago.
Category: Legal
Expert:  ScottyMacEsq replied 6 months ago.

Thank you for using JustAnswer.

I'm sorry to hear about your situation. First of all, you need to understand what foreclosure means. It means that once the process is complete and the property is sold, the property is owned by someone else and they can evict you from the property. If you have somewhere else to go or have other arrangements, etc... then it certainly is a possibility.

The reason that you can "walk away" is that Social Security is exempt under the law from garnishment. The property itself can be recovered to repay the amount, but they can't go after your social security (or any retirement accounts, pensions, and other exempt assets). As such, if you were to walk away, the only real recourse they'd have would be against the house. They couldn't get anything else from you. Now of course this is ultimately your decision, but you'll know that they can't go after your Social Security income if you were to do it.

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

Thank you, ***** ***** luck to you!

Customer: replied 6 months ago.
How long does foreclosure take? The two outstanding mortgages total &65k. Are we likely to get any $ from the foreclosure?
Expert:  ScottyMacEsq replied 6 months ago.

How much would you say the property is actually worth?

Expert:  ScottyMacEsq replied 6 months ago.

Hello?

Expert:  ScottyMacEsq replied 6 months ago.

Are you there?

Expert:  ScottyMacEsq replied 6 months ago.

My apologies, but I must assist the other customers that are waiting.

If there's nothing else, please rate this answer.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

redited.

Expert:  ScottyMacEsq replied 6 months ago.

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

Expert:  ScottyMacEsq replied 6 months ago.

Did you have any other questions before you rate this answer?

Expert:  ScottyMacEsq replied 6 months ago.

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

Related Legal Questions